Can a Winston-Salem escrow agent release Earnest Money Deposit w/o home seller’s written consent?
A Winston-Salem home buyer made an offer on a property with a substantial Earnest Money Deposit that was paid to the attorney acting as an escrow agent.
The buyer terminated the offer during the due diligence period,
and then sent standard form 350-T for the seller to acknowledge that the buyer is entitled to a refund of the earnest money.
The seller did not sign the form, but they also never disputed that the earnest money shouldn't be refunded. They just didn't respond.
The attorney refused to release the earnest money without signed permission from the seller.
What are the next steps for the home buyer and their agent?
If a home seller disputes the buyer’s entitlement to the EMD, even if the dispute has no basis, paragraph 1(f) of Form 2-T spells that the escrow agent must retain the money in its trust account.
However, if the seller has merely not responded, but has not disputed the buyer’s acknowledgement, then no signature is required.
The buyer agent should send an email to the listing agent stating that if the seller does not dispute the buyer’s entitlement to the EMD within 48 hours, the seller’s silence will be considered an acknowledgement that the escrow agent is authorized to disburse the entire EMD to the buyer.
Winston-Salem Home Seller and Buyer are both in breach of contract - which is more serious?
I'm going to go over an example where a Winston-Salem home seller and home buyer were both in breach of contract, and which was more serious.
First, the home seller refused to give the buyer the Residential Property Disclosure before the buyer made an offer - which they were required to do.
The buyer made an offer anyway. The offer was accepted, using the Standard Offer to Purchase Form 2-T. The seller still refused to give the property disclosure.
Because of this, the buyer refused to pay the due diligence fee.
Because the buyer didn't pay the due diligence fee, the seller did not allow the buyer to have access to the property to perform inspections.
To summarize the situation.
The consequence to the home seller for not providing the disclosures is that the buyer will receive a three-day window to terminate in which the Due Diligence Fee is refundable rather than non-refundable. So long as the seller is willing to risk this outcome, the seller may refuse the disclosures.
The buyer is obligated to pay the Due Diligence fee as soon as they are under contract, it is due by the effective date.
If they fail to pay, the seller has the right to terminate the contract, and the buyer would then be liable for not only the Due Diligence fee, but also any Earnest money deposits and attorney fees if they need to take legal action to recover.
The seller is still obligated to provide access to the property, even though the due diligence fee has been paid, but they are in the driver's seat in this example, because they can terminate the contract for the buyer's failure to pay the due diligence.
They would need to go through some steps first like providing written notice, etc.
The most important thing that needs to happen in this example is for the buyer to pay the due diligence fee. After they do that, they can apply pressure to make the seller give access to the property.
I think it's highly likely that the seller would provide access to the property once the due diligence was paid.
Being upset about the property disclosures seems overblown since the seller has the option of making no representation. They never should have made the offer in the first place if it was that important.
Can a Winston-Salem listing agent advance the cost of a home seller’s repairs?
Can a Winston-Salem listing agent cover the cost of repairs for a home seller who may not have the money until closing, if the payment is disclosed on the closing statement and then paid back at closing from the seller’s proceeds?
The NC Realtor association does not recommend it.
The sale transaction might not actually close, and the element of the payment might impair the Realtors independence in advising their client.
Having said that, the fact is that in recent years several large brokerage firms have offered to advance repair costs as a service for their seller clients. The practice is legal.
A broker who is willing to advance repair costs for a client must recognize that certain requirements must be followed.
First, the seller’s repayment obligation may not be secured by a deed of trust.
That is regulated by NC SAFE act which regulates who can legally make a residual mortgage loan.
The second requirement is that the repayment of any advance must be disclosed to the buyer’s lender on the closing statement.
To avoid any last-minute problems with the lender, we also suggest that the advance be disclosed to the home buyer’s agent as soon as possible, so they can let the lender know and make sure they're cool with it.
Essential for home buyers to know: The Due Diligence Fee
As we head into home-buying season, I thought I would review some of the more important things for home buyers to be aware of.
One is the due diligence fee. The due diligence fee is negotiable, but is often 1% or more of the offer amount. The fee counts towards the purchase of the home (it is basically a deposit).
The Due Diligence Fee is non-refundable except in the event of a material breach of this Contract by Seller.
Even if a home inspection finds a major structural defect in the home, the due diligence fee will not be refundable.
The due diligence fee becomes an obligation of the buyer as soon as the offer is accepted by the seller. Even if the buyer changes their mind 10 minutes after acceptance, they will still be obligated to pay.
Should the Buyer fail to deliver either the Due Diligence Fee by the due date, or should any check or other funds paid by Buyer be dishonored, for any reason, by the institution upon which the payment is drawn, the Buyer will have one banking day after written notice to deliver cash, official bank check, wire transfer or electronic transfer to the payee.
In the event Buyer does not timely deliver the required funds, Seller shall have the right to terminate this Contract upon written notice to Buyer, and Seller shall be entitled to recover the Due Diligence Fee as well as all Earnest Money Deposit paid or to be paid in the future.
If the seller needs to bring about legal proceedings to collect the due diligence fee, the buyer may also end up having to pay the seller's legal fees.
Because the Due Diligence fee is non-refundable, buyers need to do as much due diligence themselves before making an offer.
I’d love the opportunity to work with you and help you to be as prepared as possible to mitigate the risks associated with buying a home.
Are you a FIRPTA? Winston Salem area home sellers need to know
If you go to list your house with a Realtor in NC, you will typically use Standard Form 101. In the seller representations section, paragraph 12(g) asks the seller to state whether they are a FIRPTA.
So it’s worth going over what a FIRPTA is, and the implications if you are.
FIRPTA stands for Foreign Investment in Real Property Tax Act.
For individuals, FIRPTA defines a “foreign person” as a nonresident alien individual.
A nonresident alien individual is someone who is a citizen of another country, and who has not been granted permanent U.S. residence as evidenced by the issuance of a permanent residence card a/k/a a “Green Card.”
Under FIRPTA, it may be required to withhold a portion of the sales price from the seller at closing if the seller is a “foreign person.”
If withholding is required, 10% of the purchase price (or 15% if the purchase price exceeds one million dollars) must be withheld and sent to the IRS.
There are exceptions to the withholding requirement, however. For example:
If the seller ends up selling to a buyer who intends to occupy the property as their primary residence and the sales price is $300,000 or less, no withholding will be required.
If the seller obtains a FIRPTA Withholding Certificate from the IRS prior to closing, no withholding will be required.
Beware of Pig Butchering Scams!!
Last Week Tonight recently did a segment Pig Butchering Scams. They mentioned that one thing everyone could do to help is to simply talk about it and let people know about the dangers - so I thought I would make a quick video.
It’s called a Pig Butchering Scam because it refers to raising little piglets, fattening them up, and butchering them. They're fattening up their victim with illusions of grandeur of wealth or love before bleeding them dry.
Basically, Pig Butchering Scams generally start with something innocent like a text that is a wrong number, and then they gradually try to build a relationship until they can eventually take advantage of you.
Much of the time, the people behind the scheme are organized crime in China.
They generally will do it without asking you directly to give them money. A lot of the time it involves using what appears a legitimate app found on an app store with good reviews, where you think you're investing your own money.
Americans have lost billions.
The scam could start with a text, or by making contact on dating apps, LinkedIn, Instagram, Facebook and other places designed to help you meet people you don’t know.
I won’t go into too much detail, instead I will put the link to the Last Week Tonight Video in the comments. It’s very informative and entertaining as well.
Instead, I have a habit of taking screens shots of some of the strange, anonymous texts I receive, that I just delete without opening. If you get the same, you can be on guard.
Texts I’ve gotten:
Have you forgotten me? I’m Hannah
Your facebook account is scheduled for permanent deletion
Hello
Are you at home?
UPS package has arrived at the warehouse but could not be delivered due to incomplete information
Frm: Apple ID; Subj: Your account has been locked
No message - just a picture of a camera emoji
IRS Government
Link to Last Week Tonight: https://youtu.be/pLPpl2ISKTg?si=KYJv6pfGYC0F5I8d
The wrong way to disclose the existence of a Pet Cemetery - Broker’s Duty to Disclose Material Facts
A buyer recently went under contract to purchase a house on a wooded lot in a rural community. During the due diligence period, they discovered that there was a large animal cemetery on the property with a substantial number of unmarked graves.
The buyer was uncomfortable with the situation and chose to terminate.
The listing agent was notified that the cemetery should have been disclosed and that the buyer was entitled to a refund of their due diligence fee.
The listing agent said that the cemetery had been disclosed, because it had been marked on the septic permit that had been attached to his MLS Listing as an exhibit.
Is that type of disclosure considered adequate?
No, it is definitely not.
The Real Estate Commission has suggested several possible options for where a listing broker’s required disclosure should take place. One of those options is in the remarks section of their MLS listing. It is recommended that listing agents disclose material facts in the public remarks section in order to ensure that their disclosure reaches the widest possible audience.
Having the disclosure as markings on a septic permit seems to have been designed to do the exact opposite.
The presence of a substantial number of unmarked graves on a residential property is a fact that most buyers would consider material, and the listing agent clearly chose not to mention it in either the public remarks or the agent remarks sections of his listing.
It should be noted that regardless of what a seller chooses to reveal on the Residential Property Disclosure, a broker should take reasonable steps to disclose material facts about the subject property which the broker knows or reasonably should know and shall not rely on the owner’s representations.”
The key words are “reasonable steps.” The listing agent in the transaction did not take reasonable steps to disclose a material fact.
That failure would give the buyer a strong legal argument in the event they decide to pursue a legal claim for the recovery of their due diligence fee.
Winston-Salem Buyer agent’s duty to attend inspections
Are there any rules that obligate a Buyer’s agent to be present for home inspections during the due diligence period? Does it make a difference if their client is planning to be present?
To my knowledge, there are no written rules or guidelines that govern in this area.
However, when the good folks at the NC Association of Realtors posed this question to the legal staff at the North Carolina Real Estate Commission the lawyers have consistently stated that, with two exceptions, the buyer’s agent should be present for these inspections.
Exception 1, appraisers - they are typically licensed realtors
Exception 2, if the inspector does not need to enter the home.
For all other inspections, a buyer’s agent should be present to supervise access to the seller’s property.
Especially if the buyer will be present for the inspection. If the buyer is there, but their agent isn’t, the agent could be in violation of section 6(a)(8) of the Real Estate License Law (“being unworthy or incompetent to act as areal estate broker in a manner as to endanger the interest of the public”).
Even if the buyer is not present for an interior home inspection, the buyer’s agent should attend.
In many cases, the home inspector will provide valuable information during the inspection that does not end up in the written report. You don’t get the full benefit of the inspection just by reading a report.
In some cases, the inspector may need to perform a test that causes damage to the home. In those situations, the presence of the buyer’s agent should assist if there is a subsequent dispute over repairs.
The bottom line: except for inspections by appraisers, if an inspection is being conducted inside the home on the buyer’s behalf, the buyer’s agent has an obligation to be there.
Winston-Salem home inspector denied access to property by listing agent
A licensed home inspector in Winston-Salem is denied access from the listing agent because they weren’t a member of the MLS.
The inspector called the listing agent to get access to the home, and the listing agent said they needed to be a member of the MLS and book the appointment through showing time. The listing agent said they only deal with members of the MLS.
There is, in fact, no requirement for someone to be a member of the MLS to perform an inspection.
Paragraph 4(b) of Form 2-T provides that a buyer “shall be entitled to conduct all desired tests, surveys, appraisals, investigations, examinations and inspections of the Property as Buyer deems appropriate.
The buyer can hire both licensed and unlicensed professionals to come to the home and conduct Due Diligence.
Paragraph 8(c) requires the seller to “provide reasonable access to the Property through the earlier of Closing or possession by Buyer, including, but not limited to, allowing Buyer and/or Buyer’s agents or representatives, an opportunity to . . . conduct Due Diligence.”
The listing agent's failure to allow access may be putting the seller in breach of contract under the terms of Form 2-T. Such a policy may also have antitrust implications.
In this case, the buyer’s agent should have booked the appointment in showingtime on behalf of the inspector. The NC Real Estate Commission requires buyers agents to be present for most inspections anyway.
What if one member of a Winston-Salem LLC doesn’t want to sell an investment property?
In this example, an LLC in Winston-Salem owns several properties, and there are three members in the LLC.
One member contacts a real estate agent about listing one of their properties. They tell the agent that one of the other members of the LLC, wants to sell one property in order to invest in another property. However, the third member does not like this plan.
Can the agent take this listing? If so, who should sign?
Generally speaking in North Carolina, an LLC can be bound by any one member who has authority to sign.
The authority of a particular member to sign may come from an operating agreement, or it may come from North Carolina law. So it’s important to first ask if there is an operating agreement, because that document will control.
There is an important exception in North Carolina Law that allows one member of an LLC to sign, and that exception applies when the LLC will be selling substantially all its assets prior to dissolution. If the exception applies, then all members must sign for the transaction(s) to be binding.
If the LLC is not in the process of being liquidated, then there is a good chance that the signature of one member of the LLC would likely be sufficient to bind the LLC to a listing agreement, sales contract, and other documents in the transaction.
HOWEVER, the fact that one member of the LLC is not on board with the sale is a bit of a red flag.
The disagreeing member may bring a lawsuit, and if successful, it may well block any transaction from taking place. The listing agent will be in a position where they invested a lot of time and expense only to be told by a court that the sale can’t go through.
So although it might not be technically necessary, it may be best to not take the listing unless all three members agree and sign the listing agreement.
Clemmons (Winston-Salem area) is one of the best places to live in NC
Clemmons is another town in the Winston-Salem area rated as one of the best places to live in North Carolina by Niche.com. They got an overall A+ rating with high marks, for public schools, jobs, housing, health and fitness, and it’s a great place for families.
With regard to housing, there are a ton of great neighborhoods, that include more older more established neighborhoods as well as new housing developments. Over a recent 180 day period, Clemmons was in the top 5 zip codes in the Winston-Salem area with regard to highest average sale price.
Just some of the top neighborhoods include Waterford, Salem Glen / Woodmont golf community, Clouds Harbor (new development), Havenbrook, Clemmons West, Peppertree, Fairmont, Rocklyn (new development).
As far as shopping and restaurants, Clemmons itself has some nice grocery stores, restaurants and local businesses.
It is also just outside of Winston-Salem which offers even more. There is a Trader Joe’s, Whole Foods, and Fresh Market if you like specialty grocery stores.
There is Hanes Mall, the Thru Way Shopping Center, Reynold Village and downtown Winston-Salem with so many great local restaurants and shops.
For outdoor activities, it has Tanglewood Park which has hiking trails, golf courses, fishing, picnic areas, camping, horse stables and equestrian events, and more.
All of this is without quite as much traffic and congestion that you would find in larger metropolitan areas.
Lewisville (Winston-Salem area) rated by Niche.com as one of the best places to live in NC
Lewisville is currently rated as one of the best places to live in North Carolina by Niche.com, with an overall A+ rating, getting high marks for Public Schools, Housing, Good For Families, Jobs, and Health and Fitness.
It was #2 out of 185 for: Best Suburb to Buy a House; #4 out of 498 for Best Places To Buy a House; and #8 out of 356 for Places With Best Public Schools in NC
I mentioned in another video that Lewisville had the highest average home sale price in Forsyth and Davie counties, at over $500,000.
When I describe the area to people from out of town, I tell them that the entire surrounding area is really nice, but Lewisville has a bit more of a rural, relaxed feel that is a little less dense.
To be fair surrounding zipcodes, they’re all highly rated. With good schools, housing and job opportunities, and other factors that contribute to a good quality of life.
I will also say this. I work with people from out of state who may also be considering Greensboro, Raleigh, or around Charlotte, and they normally gravitate back to the Winston-Salem area.
Not that those areas aren’t nice, but homes are generally more densely packed, with more traffic, and more competition with other home buyers. Winston-Salem, in my opinion, is that perfect blend with access to great housing, schools, shopping, and activities without a ton of traffic and people breathing down your neck. It is more relaxed and laid back.
My recommendation to people looking in the area is to cast a wider net geographically because great places to live are spread out over the area. Housing inventory in the area, just like most of the rest of the country is low, so looking over a broader area will give you a better chance to find something you like.
Can a Winston-Salem buyer’s agent rely on the representations made by a listing agent?
Recently, a buyer agent was reprimanded because they failed to verify information about high-speed internet access that was advertised in the MLS by the listing agent.
Does that mean that buyer agents now have a duty to verify everything stated in an MLS listing?
ANSWER: It does not.
The general rule is that a buyer agent is not expected to personally verify the accuracy of information provided by the listing agent in most instances.
However, there are circumstances where a buyer agent is expected to verify information advertised by the listing agent.
First, the Commission states that if a buyer agent reasonably suspects that the information provided by the listing agent might be inaccurate
A second exception is where a client has identified something as being material to them - such as “we have to have a home with high speed internet”
There is a qualified exception when it comes to square footage. In most instances, a buyer agent may rely on the square footage from the listing agent, except in instances where an error in square footage should be obvious.
Developments in Winston-Salem that could impact property values - the Northern Beltway
In this video I give an overview of the Northern Beltway and then focus on the proposed route of the western section to give home buyers and sellers in Winston-Salem a more clear understanding of the route.
For further updates on the progress of the beltway, see the following article: https://journalnow.com/news/local/western-ws-beltway-delayed/article_ad8f518c-2af2-11ee-9b29-53109ad9542f.html
Does checking the wrong box on a home offer termination form make it invalid?
There was an instance where a home buyer decided to terminate their offer on the last day of the due diligence period.
The buyer’s agent filled out Form 350-T (Termination of Contract (Form 2-T) by Notice to Seller from Buyer. The buyer agent got the buyer to sign it and sent it to the listing agent before the 5:00pm deadline.
Terminating by the due diligence date means that the buyer is entitled to get back their earnest money deposit.
The next day, the listing agent claimed that the contract is not terminated because instead of checking the box indicating that the buyer was ‘terminating as of right during the Due Diligence Period’, the buyer’s agent accidentally checked the box indicating that the property was ‘not in governmental compliance’.
Is the listing agent correct, or can the buyer get their Earnest Money Deposit back?
The answer: The contract was timely terminated during the Due Diligence Period, and the buyer should receive a refund of their Earnest Money Deposit.
Form 2-T, the Offer to Purchase and Contract, states that the contract may be terminated by a buyer’s “delivering to Seller written notice of termination (the “Termination Notice”) during the Due Diligence Period”.
No particular kind of written notice is required, and using a standard form to terminate is not mandatory, even though it is strongly recommended.
The only requirements for the Termination Notice are that the notice (1) be in writing and (2) evidence a clear intent to terminate.
Form 350-T is a unilateral termination form. It does not require both parties to sign to effectuate a termination. Instead, the pre-printed language in paragraph 2 of Form 350-T states that “Buyer hereby terminates the Contract for the following reason(s) . . .”
This preprinted language, standing alone, is enough to satisfy the requirements for the Termination Notice.
While checkboxes with reasons in Form 350-T are often helpful to the parties in winding up a transaction, they are not required or necessary for purposes of termination under Form 2-T.
Once the listing agent received the Form 350-T, the contract was terminated, regardless of what reason was given in the checkboxes.
The result would be the same if the client signed a Form 350-T and delivered it to the seller with no boxes checked at all.
Since the contract was timely terminated by Form 350-T, the Earnest Money Deposit should be refunded to your buyer.
I won’t ask people to sign exclusive buyer agency agreements just to show them homes
I am going to talk a little bit about buyer agency agreements in North Carolina. In North Carolina, I can't show a person a home unless I represent them as their agent. However, I could represent them under an oral agreement, which would not require them to work with me past that showing.
The only time that there is a requirement to put something in writing is if, for instance, a buyer would want to make an offer on a home and they would want me to help them with it. Then we'd have to put something in writing at that point in time.
But until then, it's fine to work under an oral agreement. Now, my personal policy is to not ask people to sign exclusive buyer agency agreements, just to show homes. Some agents do. Maybe not the first showing, but by the second or third showing or they might try to get them to sign one.
But a lot of page other agents are like me and they don't do that. My personal philosophy is that if someone wants to work with me, they'll work with me. We don't need an agreement. If they don't want to work with me, I don't want to force them to try to work with me because they've signed some agreement.
I don't think that would really ever work out. So that's my personal philosophy. I've never had an issue because of doing that. I mean, let's face it, I am a ray of sunshine. Who would not want to work with me? Don't answer that.
If you do come across an agent that wants you to do that, just know that you are not required to. If you're not comfortable with it, I would recommend not doing it.
There are other agents out there like me, who will not require you to sign an exclusive buyer agency agreement just to see homes.
Winston-Salem Area Real Estate Market Results (Triad MLS) for December 2023
I am going to talk about the real estate market results for the triad MLS for December 2023. The triad MLS is basically Winston Salem - above and below; Greensboro - above and below. And the counties going west - Davie, Yadkin, Surry, Wilkes. It's a ten-county area.
The thing that stuck out is that, well, there's really nothing new. Closings were lower than the previous year for December, and this has been the case for, I think, about 23 months in a row now. With closings being consistently that low - - lower than the previous year for that many months in row, you would think that would indicate that it's a slow market … people aren't buying - - that's why closings are low. And maybe it favors buyers.
But if you know anything, the market does not favor buyers.
Inventory is so low - - there is only 1.9 months supply of inventory. In a balanced market, that would be five or six. So instead of 3300 homes, in a normal buyer's market, we would have around 8500, give or take.
The median days on market, that is pretty low at 16. It is seasonable. I would suspect that when we get back to this summer, it's going to be around eight or so … a little over a week.
So to put this all in perspective, let's look at the long-term trend. There were only a little over 1400 closings, 3000 homes on the market, two months supply of inventory, and a little over two weeks for the medium days on market. The last time that we were balanced …month supply of inventory needs to be between five and six … was between 2015 and 2016.
We had almost 9000 homes on the market in 2015. The median days on market was closer to two months instead of two weeks. And so what you could see here and look at the average price per square foot it was 86. And see how it gradually goes up year after year.
And at the same time, inventory is going down, down, down. The median days on market also dropped steadily.
So closings are low, but they are low because there's just not that much for sale. What is being offered on the market is going off really quickly. So I'm going to say that the takeaway from that is that we are not really in danger of a market crash anytime soon with inventory that low.
If we get back toward a buyer's market, it's going to be a gradual thing. There's very unlikely that there will be a market crash in the near future. And as far as that market outlook for 2024, with interest rates going down, we should see the market start heating up again.
Expect to see prices going up and the days on market going down and the market becoming more and more competitive.
Is the home seller responsible if buyer takes possession before closing and heating breaks down??
A home seller decides to allow the buyer to take possession of the home two weeks before closing. They use the January 2024 version of the Buyer Possession Before Closing Addendum - form 2A7-T
The heat goes out after the buyer moves in but before closing. The buyer requests that the seller pay to have it repaired. Does the seller need to do that?
On one hand, Paragraph 3 of Form 2A7-T imposes on the buyer the obligation to maintain the property once they take possession. Paragraph 2 of the form states that the buyer waives any remaining due diligence rights and agrees to accept the property as it stands when they take possession.
However, there is an exception - that this is all “subject to any obligation that may be imposed on Seller by law”.
N.C.G.S. § 42-42(a)(4) requires a landlord to “Maintain in good and safe working order and promptly repair all electrical, plumbing, sanitary, heating, ventilating, air conditioning, and other facilities and appliances.
Therefore, a seller will be responsible for the cost of repairing the heating system in the property since it is included within the list of obligations to provide fit premises.
Furthermore, the statute prohibits the landlord and tenant from waiving the landlord’s legal obligations to maintain the premises, which is why this exception is included in our standard form.
A seller should consider this obligation to maintain the premises when setting the rental rate for the buyers.
Fake Buyers and WhatsApp Scams
I’m going to go over a WhatsApp scam being perpetrated against real estate agents, but the concept … the basic scam itself … can be perpetrated against anyone.
A real estate agent was contacted by a buyer prospect who only communicates with them through WhatsApp. The agent wanted to help, but was worried about being scammed.
They wrote the NC Association of Realtors for guidance.
The association had received several reports involving fake buyers on WhatsApp over the last couple of months.
The scam typically begins the same way each time. The scammer/fake buyer will reach out either by message or voice call through WhatsApp and make contact with an agent.
The scammer establishes a relationship with the agent that often appears to be legitimate, at which point the scammer either:
(1) informs the agent that they intend to purchase the property with cash made in crypto currency trading; or
(2) requests that the agent provide the scammer with a verification code the agent has received.
The goal of the crypto story is usually to entice the agent to make crypto trades with the scammer’s website, and as soon as the agent has
inputted their own, personal banking account information, the scammer disappears with the agent’s money.
As for the verification code scam, the scammer already has the agent’s login and password for some account, such as a banking or email account, and once the verification code is given by the agent, the scammer hacks that account and maybe even holds it for ransom.
It is true that WhatsApp, in and of itself, is not a scam. It is the most popular messaging app in the world due to its low cost and ease of use.
I had my own similar experience. I got a communication that was initially by text, and they kept pushing to continue communicating on WhatsApp - which I didn’t even have at the time.
I am normally fairly skeptical and on guard for scams - scammers seem to be everywhere. I kept pushing back, and when they finally said they were looking for homes $2 to $4 million dollar range, I ended the chat. They were trying to bait me.
When people try to influence me with exaggerated claims intended to trigger greed or fear, I am skeptical and it;s normally fairly easy to debunk the claim.
I recommend being mindful of the growing number of scammers. Don’t give out personal information or click on e-mails, texts, etc from unknown sources.
As they said in the X-Files - Trust no one. The truth is out there.
Good advice
Changing a deed from an individual home buyer to an LLC in North Carolina
In North Carolina, if an individual home buyer makes an offer in their own name, does the contract need to be amended if the buyer wants the deed to be in the name of a new LLC that they are in the process of forming?
Assuming that the individual will be the sole owner of the LLC, and the objective is simply to have the property titled in the name of the LLC, it isn’t necessary to amend or assign the contract.
That’s because new language in paragraph 8(i) of Form 2-T permits the deed to be made not only to the buyer, but also to certain persons or entities other than the buyer, including “a corporation, limited liability company, or other business entity of which Buyer is the sole owner or shareholder.”
So as long as the LLC is in existence at the time of settlement, the attorney who is preparing the deed can show the LLC as the grantee based on the wording of paragraph 8(i).
If there is some other reason why it’s important for the buyer to have the contract amended to name the LLC as the buyer, an attorney should be contacted for guidance on the best way to accomplish this.